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Buy XL Telecom, tgt Rs 400: Prabhudas Lilladher
Prabhudas Lilladher has maintained buy rating on XL Telecom with target price of Rs 400 implying upside potential of 91%. At the CMP of Rs209, the stock trades at a PER of 4.3 and at an EV/EBITDA of 4.0 FY09E earnings (without factoring earnings from solar power installations).
Prabhudas Lilladher has maintained buy rating on XL Telecom with target price of Rs 400 implying upside potential of 91% in its March 19, 2008 report. "XL Telecom has ramped up its module making capacity to 60MW per annum as of end February 2008. Solar shipments are expected to pick-up from this quarter with an average monthly run rate of 2.5-3MW. It has an order book of Rs 5 billion for supply of 30MW of solar photovoltaic modules to Spain. These orders are to be executed by December 2008. At the CMP of Rs209, the stock trades at a PER of 4.3 and at an EV/EBITDA of 4.0 FY09E earnings (without factoring earnings from solar power installations). We believe the current expansion would lead to 41% CAGR in revenue from FY07 to FY09, and 151% CAGR in net profit. Financial closure of the solar power project in Spain can give a substantial upside to the stock (not factored in our TP). Maintain buy," according to Prabhudas Lilladher research report.
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